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CNNfn market movers
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July 14, 1998: 10:55 a.m. ET
Cendant takes a beating, and the big brokerages report their own numbers
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NEW YORK (CNNfn) - Earnings season moved into full swing Tuesday, with financial sector stocks and the consumer services giant Cendant atop the list of market movers.
Cendant (CD) took a beating early, off 2-5/16 to 16-9/16 after the marketing, travel and real estate company said it will have to restate earnings for the past three years due to accounting problems at the former CUC International unit that were more widespread than first thought.
Egghead.com (EGGS) the Internet-based computer vendor, rocketed up early but then fell 1 to 25-1/8 Tuesday. The stock has been moving as investors hunt for bargains in the Internet sector.
The daily big mover Compaq Computer (CPQ) gained 1 to 33-5/8 after a report said its cheapest and best-selling computer is also its most profitable.
Several brokerages rolled out their earnings numbers Tuesday, and those that didn't meet analyst expectations were punished for it.
Merrill Lynch (MER) reported record earnings for the second quarter, but they were short of analyst expectations. Its shares were off 2-5/16 at 105-5/8.
Meanwhile, Dow component J.P. Morgan (JPM) beat analyst expectations and climbed 2-5/16 to 128-5/16.
Donaldson, Lufkin & Jenrette (DLJ) beat analyst targets but was down 2-11/16 to 60-3/8.
PaineWebber (PWJ), which reported record earnings after the bell Monday and beat analysts' expectations, was off 1/2 to 47-3/16.
Delta Air Lines (DAL) was soaring early Tuesday, up 5-1/8 to 141, after the Atlanta-based airline announced a two-for-one stock split and a $750 million share buyback. A key analyst also expressed optimism for earnings in the sector.
Electric Lightwave (ELIX) plunged 2-1/16 to 11-3/8 after the Vancouver, Wash.-based phone company said revenues are expected to fall short of analyst estimates in its second, third and fourth quarters by about 8 percent. 
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